president obama urging compromise in congress as the deadline for the sequestration looms. meantime, global markets dealing with the uncertainty in europe. former treasury secretary larry summers. good morning, larry. >> good to be with you. >> let's talk sequester first. we can get to italy, but when you think about what's going to happen at the end of the this week, the assumption in the markets is that we're going over. if you listen to the folks in washington, the world is going to come to an end. if you listen to the folks on wall street, it's no big deal. who is right? >> look, the world will still keep turning. but this is a self-inflicted wound from which we have nothing to gain. hundreds of thousands of jobs will be lost if this plays out over a long time period. the most powerful country in the world is canceling military deployment, that its leading military figures think are essential, not because of any fundamental problem, but because of a political squabble. that is not how the greatest country in the world should be governing itself. this should be brought t